Barclays, and the other banks, still face fines from other jurisdictions as Japanese, Swiss, Asian and Canadian regulators are also investigating.

The Libor investigation began in 2008 as suspicion mounted that the banks were “low-balling” the cost of borrowing as the financial crisis hit. However, it has since been discovered the rates may have been manipulated as far back as 2005.

Barclays yesterday said it “fell well short of standards” and chief executive Bob Diamond and three other senior executives gave up their bonuses for the year.